However, Ferrari aficionado and avid racer James Glickenhaus can now lay claim to having the fastest Nürburgring lap time for a Ferrari, with his custom P4/5 Competizione, which is based on a F430 GT2 ALMS race car, having just set a time of 6:51 during Friday's qualifying session for the race.

The time is an official figure posted in the time sheets for the Nürburgring 24 Hours and has already been mentioned on the Facebook page for Glickenhaus’ P4/5 Competizione.

Speaking with Jalopnik, Glickenhaus said the achievement was "pretty cool" and that Ferrari was now welcome to challenge it.

What makes the P4/5 Competizione’s time all the more impressive is that it was done in less than ideal weather conditions and with traffic on the ‘Ring.

Like the road-going P4/5 commissioned by Glickenhaus and built by Pininfarina back in 2006, the P4/5 Competizione takes its inspiration from Ferrari’s P series race cars from the 1960s and as its name suggests has been designed for racing.

Under its carbon fiber body is the same race-bred suspension setup and V-8 powertrain from the Ferrari F430 GT2 ALMS race car. However, part of the chassis is based on the structure underpinning the F430 Scuderia. The reason for this is because Glickenhaus hopes to eventually make the car street-legal.

Its engine is a 4.0-liter V-8 matched to a Formula 1-style KERS and is claimed to produce a peak output of 563 horsepower.